Bad credit can i get a mortgage?

richie138

Hi i currently have a mortgage of £123k and am looking to move to a cheaper proprtey which will result in a mortgage of £85k which would be 85% LTV. i think i have a bad credit score but the sale of the current house would clear all outstanding loans/creadit cards but am still being rufused a new mortgage, is there anywhere that would accept me?

GMS

Do you have any defaults? Any CCJ's? Missed payments on mortgage? If so when?

I assume your current lender won't 'port' the mortgage?

richie138

Hi,

no ccj's, no missed mortgage payments, maybe 1 default on credit card and 1 from bank loan (waiting for my exper. report to come) but all loans and cards are now under repayment plans with the companies direct.

have applied already and been declined on new mortgages, asked abbey to move the mortgage but they said they would do a credit check which again i think would make them decline it

_Andy_

richie138 wrote: »

Hi,

no ccj's, no missed mortgage payments, maybe 1 default on credit card and 1 from bank loan (waiting for my exper. report to come) but all loans and cards are now under repayment plans with the companies direct.

have applied already and been declined on new mortgages, asked abbey to move the mortgage but they said they would do a credit check which again i think would make them decline it

Who has declined you so far?
For what amount were the defaults registered?

richie138

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GMS

You need to re-type the last response

erdd2

richie138 wrote: »

all loans and cards are now under repayment plans with the companies direct.

This may be the root of the refusals, especially if they are negotiated reductions

richie138

Ok, but all these would be paid in full on sale of house, is there no company that would take these facts into account or is it a matter of 'the computer says no' and thats it?

not sure what happened to my last post but should have read:-

abbey and nationwide have refused (new mortgage applied for by advisor), cant be certain at the moment untill i see the report but think it would be £5k for the card and £1.5k for the loan

opinions4u

Perhaps you should sell up, clear the debts, rent for a bit and rebuild your credit history.

kingstreet

Kensington might be a goer. You won't get more than 80% with two defaults though. The defaults have to be more than six months old and there can be no more than two in the last two years.

No missed mortgage payments in the last 24 months and any other unsecured credit must be up to date at application (not the defaulted accounts obviously, any others.)

5.89% for a two year fix.

Thrugelmir

opinions4u wrote: »

Perhaps you should sell up, clear the debts, rent for a bit and rebuild your credit history.

Rebuilding a credit history is primary. Lenders can pick who they advance money too. As statistically there is always a likelihood that people will reoffend. Its called human nature.